Donors wishing to make a donation of stock to Moonlight Cultural Foundation can transfer the stock directly via your own broker. If the you don't have a broker, as in the case of some of the on-line trading accounts, you can look for a "stock transfer form" on your accounts web site. The name of the form used by E*Trade is "Transfer stock or cash to a charitable organization". You will need to provide MCF's account and DTC number in order to start the transfer:
Brokerage Name: Morgan Stanley Smith Barney LLC
Brokerage’s DTC Nbr: 0418
MCF Account Nbr: 40K-09367-14 FLS
Morgan Stanley Smith Barney LLC
111 Wall Street
3rd Floor
New York, NY 10005
Phone: 877-357-0888
For assistance with your transfer, please contact Diana S. Aaron at Diana@moonlightfoundation.com or call 760-630-7650.
Some basic FAQs:
Question: Once the stock is transferred to MCF’s account when is the stock sold?
Answer: It is our policy to sell the stock on the next trading day.
Q: Can a donor designate a specific program for a stock transfer?
A: Yes, stock donations can be designated the same way as any cash donation.
Q: Once the stock is sold how long does it take MCF to receive the funds?
A: Once a stock is sold a check for the net proceeds (actual sale price minus the sales fee) will be sent to MCF in about 7-10 days.
Q: What amount can a donor take as a tax deduction?
A: The donor receives a total charitable contribution for the average or median value of the HIGH and the LOW of the stock on the day that it was transferred to MCF.
Example: If the average price per share was $10, and 100 shares were donated, the total value of the donation to MCF would be $1,000.
Q: What about the brokerage fee? Is this deducted from the amount before it is credited to the pledge?
A: No, the donor is credited for the full value of the donation as seen in the above example.
Q: What if the stock is sold at higher or lower price than the average price that was credited to a pledge? Do we adjust the amount that is credited to a pledge?
A: No, the donor is credited for the value of the donation as seen in the above example.
Q: What IRS publications cover the donation of property including stock?
A: See IRS Publication 561, Determining the Value of Donated Property, for how to determine the “Fair Market Value” of a donated stock. Also see IRS Publication 526, Charitable Contributions, for a general decision of charitable contributions.
Q: What is the benefit of a stock donation from a donor's perspective?
A: Basically, you avoid paying taxes on the appreciated value of the donated stock. See a "Motely Fool" article, or contact a tax adviser.
Thirty years of award-winning theatre, special events and community outreach programs have become the hallmarks of Moonlight Stage Productions. But can you imagine what our community would be like without the Moonlight? Budget cuts are looming and many programs are in jeopardy.
